HB 4560 Summary

• Appropriates $1,000,000,000.00 from money held by the catastrophic claims association to the Michigan transportation fund for fiscal year ending September 30, 2015, for highway purposes.

• Requires the association to reimburse the appropriated funds from interest or income earned on remaining association money and future assessments paid to the association.

• Clarifies that money received and held by the catastrophic claims association, paid indirectly by Michigan citizens, is state money subject to appropriation.

• Makes technical corrections to Section 134 regarding association operations, changing "commissioner" to "director of the department" and modernizing terminology throughout the Insurance Code.

• Updates Section 3104 regarding the catastrophic claims association's structure, governance, and operational requirements consistent with current statutory language.